公用事业行业专题研究：公用事业与环保2026半年报综述公用事业整体业绩承压环保板块盈利结构性分化

正文目录年初至公事和保板绝涨幅于上游平 5公用事板块2026半年业概览 8火电：价压价上，利降格分化 10水电：水体、流分，量性定业绩 13核电：修电增量冲赛跑 15绿电：价杀利普承压 16燃气：缘突气价坐拥资源类的利亮眼 19环保板块2026半度业概览 21固废：业入期，“营动”代“驱动” 23水务：2026H1水行业来策市重窗口 25配置要点 28风险提示 29图表目录图表1：2026年1月1日-9月18日万一行业跌表现 5图表2：202611日-9185图表3：A股要数国际要数跌情（%） 6图表4：环和用细分业间跌及值情况 6图表5：年至火电指相深300 7图表6：年至水电指相深300 7图表7：年至风电指相深300 7图表8：年至光电指相深300 7图表9：年至中电/中广收价跌相对深300 7图表10：初今指数对深300 7图表年至固指数对深300 8图表12：初今及水理数对深8图表13：保块属回主代个业情况 8图表142026H1营收//8图表15：用业块2026H1毛率/净率资产债概况 9图表16：板块2025度金比前20家司 9图表17：用业块2026Q2营收归母润概况 10图表18：用业块2026Q2毛率/净概况 10图表19：2021-2026M7全国电度电亿KWh） 图表20：2022CCTD(Q5500)（元/......................................................................................................................12图表21：2024年今港Q5500力价（/吨） 12图表22：地网购电格况 12图表23：个股2026二度净利及环情况 13图表24：2021-2026M7全国电度电亿KWh） 14图表25：个股2026二度净利及环情况 14图表26：2021-2026M7全国电度电亿KWh） 16图表27：2021-2026M7全国伏度电亿KWh） 17图表28：2021-2026M7全国电度电亿KWh） 17图表29：2021-2026M717图表30：2016-2026M7新能累发量累总发量重 18图表31：个股2026二度净利及环情况 18图表32：个股2026二度净利及环情况 18图表33：2021-2026M7中国然表月消量（立米） 20图表34：2022年今国LNG厂（元/20图表35：2022年今国LNG到岸（元/万英） 20图表36：个股2026二度净利及环情况 20图表37：保板块2026H1收/母利润/营性现流况 21图表38：保板块2026H1利率净率/应账款转概况 21图表39：块2025年现分比前20家司 22图表40：保板块2026Q2营收/母利况 22图表41：保板块2026Q2毛率/净率况 23图表42：板块股2026H1绩览 23图表43：板块股2026二业绩览 24图表44：治理块股2026H1绩概览 25图表45：治理块股2026二季业概览 26年初至今公用事业和环保板块绝对涨跌幅处于中上游水平年初至今，公用事业板块涨跌幅+1.96%，环保板块涨跌幅-2.93%。2026206年9月18日05跌幅-2.93%）8300指（图表1：2026年1月1日-9月18日申万各一级行业涨跌幅表现50%40%30%20%10%((申万)(申万)(申万(申万综合(申万机械设备(申万石油石化(申万(申万(申万上证指数(申万)沪深(申万(申万(申万(申万(申万(申万(申万(申万(申万)工制造(申万防军工(申万力设备(申万会服务(申万银金融(申万品饮料(申万算机(申万)(申万)汽车(申万美容护理(申万(申万-10%-20%-30%资料来源：Choice指数数据浏览器，东方财富证券研究所15%10%5%0%-5%-10%-15%-20%图表2：2026年1月115%10%5%0%-5%-10%-15%-20%资料来源：Choice指数数据浏览器，东方财富证券研究所二季度A股走势呈现K6度，AK630信行业年内涨幅超606Kβ证券名称2025年2026年至今（截至9.9证券名称2025年2026年至今（截至9.9）2026Q12026Q22026Q3（7.1-9.9）东方财富全A24.620.53-1.168.09-5.90科创5035.9217.55-6.5475.74-28.43创业板指49.574.74-0.5736.35-22.74中证A50022.430.03-2.0614.26-10.61中证50030.394.052.0318.56-13.99中证100027.490.700.3215.62-13.18沪深30017.66-1.24-3.8911.90-8.17北证5038.80-24.90-13.340.23-13.54韩国综合指数75.6367.3319.8967.77-16.81日经22526.1829.411.4437.21-7.02道琼斯工业平均12.978.98-3.5812.900.12纳斯达克20.3612.96-7.1121.410.15英国富时AIM100 5.47 1.46 -8.32 6.72 3.70资料来源：Choice指数数据浏览器，东方财富证券研究所证券名称涨跌幅情况（%）证券名称涨跌幅情况（%）估值情况2025年2026年至今（截至9.9）2026Q12026Q22026Q3（截至9.9）PE-TTM2026.6.30估值较年初变化PE-TTM2026.9.9估值较年初变化热力服务(申万)34.7812.4411.035.54-4.0639.4424.52%34.077.57%火力发电(申万)10.338.5910.670.34-2.2113.3118.96%14.1126.11%环保设备Ⅲ(申万)25.145.698.2613.62-14.0838.1612.17%30.36-10.74%水力发电(申万)-8.484.862.68-4.306.7117.51-10.18%19.39-0.55%综合环境治理(申万)20.233.321.47-0.752.6037.466.72%35.872.18%大气治理(申万)4.022.2920.55-21.087.5167.16-85.55%89.63-80.72%燃气Ⅲ(申万)16.000.797.26-15.4911.1916.83-15.05%18.71-5.53%固废治理(申万)20.41-1.137.13-7.36-0.3917.02-15.64%16.92-16.11%光伏发电(申万)4.80-5.0422.97-13.64-10.5848.3076.55%50.4584.40%水务及水治理(申万)9.99-5.710.18-8.693.0617.25-14.68%17.39-13.98%风力发电(申万)-4.62-12.6414.23-18.22-6.4832.0824.67%36.1240.35%资料来源：Choice指数数据浏览器，东方财富证券研究所图表年初至今火力发电数对沪深300 图表年初至今水力发电数对沪深30050

15403020403020100-101050-5-10火力发电指数相对沪深300 火力发电指数 沪深

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水力发电指数相对沪深300 水力发电指数 沪深300资料来源：Choice行情数据，东方财富证券研究所注：图5-12截止日期均为2026年9月8日

资料来源：Choice行情数据，东方财富证券研究所图表年初至今风力发电数对沪深300 图表年初至今光伏发电数对沪深30035302520151050-5-10-15-20

5040403020100-10-20风力发电指数相对沪深300 风力发电指数 沪深300 光伏发电指数相对沪深300 光伏发电指数 沪深300资料源：Choice行数，方富证研所 资料源：Choice行数，方富证研所图表9：年初至今中国核电/中国广核收盘价涨跌幅相对沪深300

图表10：年初至今燃气指数相对沪深300353025中国核电与中国广核涨跌幅平均数相对沪深300中国核电中国广核沪深30020353025中国核电与中国广核涨跌幅平均数相对沪深300中国核电中国广核沪深30020151050-5-102520151050-5-10-15-20燃气指数相对沪深300 燃气指数 沪深300资料源：Choice行数，方富证研所 资料源：Choice行数，方富证研所图表年初至今固废指数对深300 图表12：年初至今水务及水治理指数相对沪深 300 5050-5-10-1515105151050-5-10-15固废治理指数相对沪深300 固废治理指数 沪深300

水务及水治理指数相对沪深300水务及水治理指数沪深300资料源：Choice行数，方富证研所 资料源：Choice行数，方富证研所证券名称年初至今涨跌幅（%）证券名称年初至今涨跌幅（%）2026H1归母净利润（亿元）半年报同比增速（%）2026Q1归母净利润（亿元）2026Q1同比增速（%）2026Q2归母净利润（亿元）2026Q2同比增速（%）飞南资源58.646.49307.31%4.057919.37%2.4357.75%高能环境106.7410.22103.37%6.03168.40%4.1950.82%浙富控股19.4713.56139.45%6.02122.40%7.53155.09%赛恩斯38.630.6838.90%0.3281.26%0.3614.91%华新科技39.680.429.19%0.32196.03%0.09-65.44%浩通科技-27.771.4673.41%0.64159.16%0.8237.65%大地海洋 9.19 0.31 179.93% 0.14 65.32% 0.18 137.33%资料来源：Choice股票数据浏览器，东方财富证券研究所（注：涨跌幅统计区间为20260101-20260909）公用事业板块2026年半年度业绩概览公用事业板块2026H1。（1.44%9527.691527.815.31%板块实现毛利率65pc9，同1.52pct13.97%0.62pct1074.291003.1212.34%71.162.36%。板块营业收入（亿元）归母净利润（亿元）经营性净现金流（亿元）2025H12026H1同比2025H12026H1同比板块营业收入（亿元）归母净利润（亿元）经营性净现金流（亿元）2025H12026H1同比2025H12026H1同比2025H12026H1同比火力发电5868.45837.1-0.5%444.9364.3-18.1%1456.01268.3-12.9%水力发电897.3961.87.2%262.5294.012.0%530.1538.41.6%核力发电828.1747.1-9.8%120.8115.1-4.7%305.0342.212.2%风力发电888.3879.9-1.0%228.8148.1-35.3%416.7495.118.8%光伏发电147.1128.1-13.0%13.31.5-88.4%44.941.4-7.8%公用事业行业专题研究热力服务423.7413.0-2.5%26.726.6-0.2%15.6-11.6转为净流出燃气 1613.5 1527.8 -5.3% 72.9 71.2 -2.4% 135.0 150.8 资料来源：Choice板块数据浏览器，东方财富证券研究所板块毛利率（%）净利率（%）资产负债率（%）板块毛利率（%）净利率（%）资产负债率（%）2025H12026H1同比（pct）2025H12026H1同比（pct）2025H12026H1同比（pct）火力发电16.815.0-1.710.28.5-1.865.465.3-0.1水力发电49.550.00.534.335.41.159.858.4-1.4核力发电40.139.6-0.424.924.6-0.265.268.53.3风力发电45.139.0-6.128.419.5-8.967.966.9-1.1光伏发电37.932.2-5.79.81.9-7.963.061.6-1.5热力服务15.116.41.37.27.60.453.452.8-0.5燃气Ⅲ13.314.00.66.26.60.454.052.4-1.5资料来源：Choice板块数据浏览器，东方财富证券研究所（注：均使用整体法，下同）从分红情况看，公用事业板块（申万行业分类）133个样本公司中，有1042025194%150%140%5证券名称2025年度现金分红比例（%）所属SW三级行业金开新能194.29证券名称2025年度现金分红比例（%）所属SW三级行业金开新能194.29光伏发电美能能源149.86燃气Ⅲ闽东电力140.01水力发电特瑞斯138.94燃气Ⅲ长青集团116.37其他能源发电迪森股份108.51热力服务蓝天燃气101.36燃气Ⅲ佛燃能源97.01燃气Ⅲ胜通能源91.99燃气Ⅲ华光环能85.44热力服务百川能源84.81燃气Ⅲ世茂能源83.54热力服务东方环宇78.87燃气Ⅲ西昌电力76.51电能综合服务新奥股份75.33燃气Ⅲ林洋能源73.54电工仪器仪表长江电力70.92水力发电桂冠电力70.42水力发电贵州燃气69.99燃气Ⅲ华能蒙电69.13火力发电资料来源：Choice股票数据浏览器，东方财富证券研究所公用事业子板块2026Q2Choice，2026申实现总营业收入344。6818；747.140.59%4.29%0.25pct23.27%2.70pct0.63pct2.12pct公用事业板块实现归母净利润505.60亿元，同比下降17.77%，环比下降465.4740.1329.29%。板块营业收入（亿元）归母净利润（亿元）26Q2同比（%）环比（板块营业收入（亿元）归母净利润（亿元）26Q2同比（%）环比（%）26Q2同比（%）环比（%）火力发电2806.53-1.95%-7.39%149.38-35.09%-30.49%水力发电500.576.38%8.52%157.135.63%14.82%核力发电367.40-10.41%-3.25%55.87-1.13%-5.67%风力发电431.961.62%-3.56%64.13-38.54%-23.59%光伏发电69.89-10.16%20.15%2.54-72.41%扭亏为盈热力服务196.965.71%-8.84%6.87-9.24%-65.22%燃气747.14-0.59%-4.29%40.1316.29%29.29%资料来源：Choice板块数据浏览器，东方财富证券研究所图表18：公用事业子板块2026Q2毛利率/净利率概况板块毛利率（%）净利率（%）26Q2同比（pct）环比（pct）26Q2同比（pct）环比（pct）火力发电13.90-3.92-2.187.23-3.70-2.35水力发电50.77-0.501.5835.38-0.47-0.07核力发电40.512.381.7224.421.76-0.45风力发电37.70-7.42-2.5217.32-9.62-4.31光伏发电35.82-5.897.944.72-8.356.19热力服务12.930.38-6.584.48-0.55-6.02燃气15.050.152.127.580.791.86资料来源：Choice板块数据浏览器，东方财富证券研究所火电：电价承压、煤价上行，盈利普降中格局分化2026年上半年，全国规模以上火电发电量同比增长2.9%，但增速低于全（53241.2%1.21/415.720261529.453.42%。Q5500701元/17元/Q2712元/（463.02元/4.58%——2026150%收入与成本双重承压下，2026H1火电企业盈利明显受限。据Choice，5837.1364.318.1%20262806.5149.4亿30.5%281760.7%A7.10%28.86%、74.98%+42.71%8.062027年图表19：2021-2026M7全国火电月度发电量（亿KWh）6,6006,1005,6005,1004,6004,1003,600M3 M4 M5 M6 M7 M8 M9 M10 M11 M122021 2022 2023 2024 2025 2026资料来源：ChoiceEDB宏观数据库，煤炭资源网，东方财富证券研究所图表20：2022年至今CCTD秦皇岛动力煤(Q5500)年度长协价（元/吨）

图表21：2024年至今秦港Q5500动力煤价格（元/吨）740.00 770730.00720.00710.00700.00690.00680.00670.00660.00

7507307106906706502022-01-012022-04-012022-07-012022-01-012022-04-012022-07-012022-10-012023-01-012023-04-012023-07-012023-10-012024-01-012024-04-012024-07-012024-10-012025-01-012025-04-012025-07-012025-10-012026-01-012026-04-012026-07-012024-01-052024-03-052024-05-052024-07-052024-09-052024-11-052025-01-052025-03-052025-05-052025-07-052025-09-052025-11-052026-01-052026-03-052026-05-052026-07-05年度长协价:CCTD秦皇岛动力煤(Q5500)资料源：ChoiceEDB宏数，东财证研所 资料源：ChoiceEDB宏数，东财证研所单位：元/MWh2026年单位：元/MWh2026年2月2026年3月2026年4月2026年5月2026年6月2026年7月2026年8月2026年9月9月环比（%）江苏310.2345.8371.5352.9373.0394.9383.2396.73.52%安徽359.5337.0344.5345.5321.8303.1314.0307.7-2.00%广东412.8417.8404.3445.7470.8496.2465.0505.88.77%山东388.9337.5311.5353.8339.1297.5311.7337.78.34%山西305.4289.6323.0273.3288.0286.1328.7319.0-2.95%北京380.8388.7384.0398.7384.5386.8389.7384.8-1.25%河北410.9398.0394.1402.8417.1430.7434.0411.1-5.28%冀北392.9409.0417.3424.2416.0407.4385.7411.56.68%河南385.2393.2352.9312.2318.8357.9451.4419.8-7.00%浙江386.7372.0352.7371.9391.0421.3417.8386.1-7.61%上海430.3439.1409.2426.0435.1450.2428.9442.33.12%重庆469.5451.7443.3463.5442.6479.7487.4432.7-11.23%四川413.9420.7388.9335.2207.0212.7260.4238.8-8.30%黑龙江299.2306.7309.1300.9296.5307.6307.1305.7-0.45%辽宁331.2199.1288.2284.6284.1318.0316.5296.7-6.26%吉林336.8340.6341.6331.9344.1343.0347.3344.7-0.74%蒙东196.3194.9169.9178.3254.4285.4286.5171.6-40.11%蒙西325.7312.8321.7329.4328.1315.4323.4311.3-3.74%江西414.6410.2412.1377.0382.7365.6408.9439.27.40%湖北345.2373.0378.9360.1364.5364.2361.4370.92.64%湖南441.5437.5385.9375.0334.0347.5380.3331.9-12.73%青海282.9284.2224.0219.8196.0219.1220.2228.33.68%宁夏261.9255.1261.5268.0266.2276.2281.0256.9-8.58%陕西398.7337.6323.2287.6256.6259.8304.8358.317.55%天津394.8393.9394.6388.8385.1389.2388.1385.7-0.61%甘肃290.4243.4201.6160.2149.3159.7195.2198.41.60%新疆281.0321.9228.7237.6152.3116.3248.5132.7-46.61%公用事业行业专题研究广西378.5313.4334.7334.1396.0354.1342.5331.5-3.20%海南439.2397.0414.7452.8476.6430.5429.4435.21.36%贵州392.7384.9366.4383.9397.3388.6379.9397.24.56%云南255.2288.3300.3279.3248.5205.1160.1165.83.52%深圳412.8417.8404.3445.7470.8496.2465.0505.88.77%福建379.5366.8365.6370.5368.6372.3376.1373.5-0.70%资料来源：北极星电力市场网公众号，东方财富证券研究所证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY（%）2026Q2归母净利润（亿元）QoQ（%）YOY（%）长源电力0.951.7382.39%0.68-34.75%-59.45%华电能源4.585.9229.16%-0.10盈转亏减亏通宝能源3.143.9224.66%2.2027.62%50.61%华电辽能0.861.0522.06%-0.53盈转亏减亏大唐发电45.7955.0920.31%26.16-9.59%11.76%宝新能源5.596.3313.28%3.234.29%24.67%穗恒运A2.172.4312.13%0.49-74.43%-58.52%深圳能源17.0519.0311.61%6.53-47.70%84.95%京能电力19.4919.892.07%8.88-19.40%0.23%陕西能源13.3413.481.07%4.60-48.21%-27.06%天富能源3.043.01-0.81%1.26-27.95%2.40%华能蒙电15.5714.90-4.30%7.9614.61%-2.12%江苏国信20.3018.20-10.33%10.4033.26%-10.78%建投能源8.977.77-13.41%1.77-70.43%-60.89%晋控电力1.431.20-16.44%0.57-9.71%-31.16%国电电力36.8730.14-18.25%16.1615.59%-13.86%申能股份20.7716.83-18.97%8.9513.57%-16.04%华电国际39.0431.05-20.47%13.16-26.41%-33.30%皖能电力10.828.25-23.74%3.81-14.30%-40.34%华能国际92.6265.86-28.89%21.02-53.13%-51.00%豫能控股1.030.65-36.57%0.3623.59%-38.58%赣能股份4.252.51-41.03%0.49-75.85%-79.00%广州发展16.359.46-42.15%4.10-23.35%-65.30%上海电力19.0910.01-47.55%4.34-23.42%-59.79%浙能电力35.1215.03-57.21%5.56-41.34%-77.21%华银电力2.070.52-74.98%-0.87盈转亏盈转亏粤电力A0.32-5.46盈转亏-3.94增亏盈转亏深南电A-0.220.20扭亏为盈0.08-35.07%扭亏为盈资料来源：Choice股票数据浏览器，东方财富证券研究所水电：来水总体改善、流域分化，电量弹性决定业绩2026年上半年，全国规模以上水电发电量5886亿千瓦时，同比增长9.3%；1452742026570.9毫16.3%104月15月2日18.6%4.81%213.27亿千瓦时，同比大增57.72%流域分化带来电量差异，亦导致板块业绩呈现分化。受益流域来水偏丰的公司实现量利高增——2026H1桂冠电力归母净利润同比+48.09%、黔源电力归母净利润同比+83.14%；而雅砻江、澜沧江上游偏枯则拖累国投电力、川投78月图表24：2021-2026M7全国水电月度发电量（亿KWh）202120222021202220232024202520261,6001,4001,2001,000800600M3 M4 M5 M6 M7 M8 M9 M10 M11 M12资料来源：ChoiceEDB宏观数据库，东方财富证券研究所证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY（%）2026Q2归母净利润（亿元）QoQ（%）YOY（%）湖南发展0.411.85351.94%1.721214.11%368.56%黔源电力1.272.3383.14%1.4461.00%90.74%韶能股份0.961.6875.64%1.581395.52%103.10%桂冠电力11.8817.5948.09%9.004.73%39.64%长江电力130.56147.5613.02%79.9518.25%1.51%甘肃能源8.258.401.80%3.52-27.66%2.11%华能水电46.0943.76-5.05%28.3383.57%-8.63%川投能源24.6123.30-5.34%8.77-39.63%-10.72%国投电力37.9535.35-6.83%14.17-33.08%-17.42%闽东电力0.710.29-58.68%0.57扭亏为盈-5.59%梅雁吉祥-0.30-0.02减亏0.12扭亏为盈扭亏为盈资料来源：Choice股票数据浏览器，东方财富证券研究所核电：检修、电价与增量对冲的赛跑2026731（34（56（、2、28台新1201.3562661458695120261-62237.554.72%5%4聚焦到公司视角，2026H12026年272621.20979.72亿1.89%916.092.08%3738104202657223.447.27%74515101202641942911一定程度对冲了大修带来的电量下降。电价端：市场化交易比例持续提升（20H1（核电核电市场化电价同比%6.67%17.4%图表26：2021-2026M7全国核电月度发电量（亿KWh）480460440420400380360340320300M3 M4 M5 M6 M7 M8 M9 M10 M11 M122021 2022 2023 2024 2025 2026资料来源：ChoiceEDB宏观数据库，东方财富证券研究所绿电：量价双杀，盈利普遍承压917小17052733202690.9%、91.4%2.3pct、2.6pct13620264.05%，Choice，2026H1，风879.91.0%148.1亿35.3%2026432.064.123.6%。2026H11478.6%Choice，2026H1128.113.0%1.588.4%202669.92.54138/61.5%。2026H1金流改善，龙源电力2026H1经营活动产生的现金流量净额较上年同期增长21.86%202611202683124.4223.22。图表27：2021-2026M7全国光伏月度发电量（亿KWh）

图表28：2021-2026M7全国风电月度发电量（亿KWh）800 1300700

1100600500400300200

900700500300100

M3M4M5M6M7M8M9M10M11M12

100

M3M4M5M6M7M8M9M10M11M1220212024

2022 20232025 2026

20212024

2022 20232025 2026资料源：ChoiceEDB宏数，东财证研所 资料源：ChoiceEDB宏数，东财证研所图表29：2021-2026M7新能源累计新增装机量占累计新增总装机量比重100.00%90.00%80.00%70.00%60.00%50.00%40.00%2021-02-012021-04-012021-02-012021-04-012021-06-012021-08-012021-10-012021-12-012022-02-012022-04-012022-06-012022-08-012022-10-012022-12-012023-02-012023-04-012023-06-012023-08-012023-10-012023-12-012024-02-012024-04-012024-06-012024-08-012024-10-012024-12-012025-02-012025-04-012025-06-012025-08-012025-10-012025-12-012026-02-012026-04-012026-06-01新能源新增装机占总新增装机比重（%）资料来源：ChoiceEDB宏观数据库，东方财富证券研究所图表30：2016-2026M7新能源累计发电量占累计总发电量比重25.00%20.00%15.00%10.00%5.00%2016-02-012016-05-012016-02-012016-05-012016-08-012016-11-012017-02-012017-05-012017-08-012017-11-012018-02-012018-05-012018-08-012018-11-012019-02-012019-05-012019-08-012019-11-012020-02-012020-05-012020-08-012020-11-012021-02-012021-05-012021-08-012021-11-012022-02-012022-05-012022-08-012022-11-012023-02-012023-05-012023-08-012023-11-012024-02-012024-05-012024-08-012024-11-012025-02-012025-05-012025-08-012025-11-012026-02-012026-05-01新能源占总发电量比重（%）资料来源：ChoiceEDB宏观数据库，东方财富证券研究所证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY（%）2026Q2归母净利润（亿元）QoQ（%）YOY（%）立新能源0.090.73715.75%0.67951.75%264.08%川能动力3.067.06130.73%4.3964.64%534.95%中闽能源3.143.4710.36%1.51-23.21%138.33%云南能投3.113.07-1.26%1.01-50.86%12.31%珠海港1.731.62-6.33%0.9438.26%-0.97%新天绿能14.1212.81-9.28%5.65-21.00%23.57%龙源电力33.7523.93-29.10%7.69-52.65%-47.81%银星能源1.651.09-33.98%0.54-3.23%-42.14%华电新能62.4038.39-38.47%17.78-13.75%-46.42%节能风电6.313.64-42.20%1.60-21.33%-32.80%嘉泽新能4.602.37-48.40%1.06-19.39%-51.90%绿发电力6.182.94-52.53%2.05129.99%-43.82%江苏新能2.821.32-53.14%0.23-79.37%-80.89%三峡能源38.1512.19-68.05%1.79-82.82%-86.94%资料来源：Choice股票数据浏览器，东方财富证券研究所图表32：SW光伏板块个股2026年二季度归母净利润及同环比情况证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY（%）2026Q2归母净利润（亿元）QoQ（%）YOY（%）林洋能源3.244.2731.70%3.66508.59%82.90%兆新股份0.030.0419.93%-0.07盈转亏盈转亏露笑科技1.501.15-23.76%0.44-38.44%-16.40%太阳能6.774.91-27.45%3.0867.69%-20.71%浙江新能2.921.56-46.54%1.28349.02%-38.61%芯能科技1.050.24-77.09%0.22854.52%-71.91%金开新能4.390.81-81.66%1.00扭亏为盈-68.73%聆达股份-1.050.25扭亏为盈0.34扭亏为盈扭亏为盈珈伟新能-0.15-0.10减亏-0.12盈转亏减亏公用事业行业专题研究拓日新能-0.60-0.58减亏-0.18减亏减亏新筑股份-0.68-1.00增亏-0.62增亏增亏京运通-2.12-3.89增亏-2.39增亏增亏晶科科技1.23-1.87盈转亏-0.59减亏盈转亏资料来源：Choice股票数据浏览器，东方财富证券研究所燃气：地缘冲突推高气价，坐拥“资源”类标的盈利亮眼年2395%LNG45TTF天3LNG1200LNGLNG99TTF4%78.801LNG6101元/59.5%，同比涨50.1%。2026202613301.6%2068.5LNGLNG交坐拥“资源”类标的盈利亮眼。收入与成本双重压力下，纯城燃公司业绩承压（2026H1蓝天燃气归母净利润同比-22.35%、贵州燃气归母净利润同比-%NG（+22.02%+10.40%72026H1+2131.55%。图表33：2021-2026M7中国天然气表观月度消费量（亿立方米）410390370350330310290270250M3 M4 M5 M6 M7 M8 M9 M10 M11 M122021 2022 2023 2024 2025 2026资料来源：ChoiceEDB宏观数据库，东方财富证券研究所图表34：2022年至今中国LNG厂价（元吨） 图表35：2022年至今中国LNG到岸（美元百万英热）9,000.00 35.008,000.00 30.007,000.00

25.006,000.00

20.005,000.00

15.004,000.00

10.003,000.00

5.000.002022-12-23 2023-12-23 2024-12-23 2025-12-23中国LNG出厂价格指数全国 LNG到岸价中国资料源：ChoiceEDB宏数，东财证研所 资料源：ChoiceEDB宏数，东财证研所证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY证券名称2025H1归母净利润（亿元）2026H1归母净利润（亿元）YOY（%）2026Q2归母净利润（亿元）QoQ（%）YOY（%）首华燃气0.081.872131.55%1.33149.64%扭亏为盈升达林业0.140.89536.04%0.13-83.69%364.86%国新能源0.751.0844.26%-0.18盈转亏减亏洪通燃气0.730.9935.77%0.952055.25%87.82%深圳燃气6.387.7822.02%5.1191.47%26.33%胜利股份0.881.0113.73%0.6579.47%5.89%德龙汇能0.250.2813.18%0.13-9.27%-37.73%皖天然气1.852.0611.18%0.91-20.56%8.23%九丰能源 8.61 9.50 10.40% 5.16 18.76% 45.44%佛燃能源3.103.306.57%2.47198.67%8.10%天壕能源0.690.724.33%0.4569.96%525.82%新疆火炬1.031.052.40%0.6032.78%4.96%东方环宇1.241.23-0.78%0.20-80.52%-52.85%中泰股份1.351.30-3.13%0.88106.69%155.10%万憬能源0.380.35-7.84%0.2387.79%5.83%成都燃气2.762.51-9.24%0.84-49.72%-13.56%百川能源1.651.46-11.53%0.33-70.29%-44.62%新奥股份24.0820.88-13.29%14.33118.75%0.11%陕天然气5.094.04-20.66%0.33-91.14%-34.80%蓝天燃气2.051.59-22.35%0.73-14.82%0.68%美能能源0.520.40-22.17%0.12-57.32%-52.26%大众公用3.332.50-25.05%1.99291.07%43.10%重庆燃气1.050.75-28.79%1.14-390.65%-28.26%贵州燃气0.950.66-30.58%-0.36盈转亏盈转亏新天然气6.223.86-37.95%2.4165.85%-1.50%水发燃气-0.610.40扭亏为盈0.35565.53%扭亏为盈ST金鸿-0.300.13扭亏为盈0.121675.84%扭亏为盈胜通能源0.30-0.09盈转亏-0.01减亏盈转亏长春燃气 -0.55 -0.22 减亏 -0.41 盈转亏 减亏资料来源：Choice股票数据浏览器，东方财富证券研究所环保板块2026年半年度业绩概览Choice，2026186.7817.15%。2026H1（52.010.0%板块营业收入（亿元）归母净利润（亿元）经营性净现金流（亿元）2025H12026H1同比2025H12026H1同比板块营业收入（亿元）归母净利润（亿元）经营性净现金流（亿元）2025H12026H1同比2025H12026H1同比2025H12026H1同比固废治理750.4896.519.5%77.799.027.4%107.4112.74.9%水务及水治理554.7567.32.3%68.371.34.4%47.352.010.0%资料来源：Choice板块数据浏览器，东方财富证券研究所图表38：环保子板块2026H1毛利率/净利率/应收账款周转率概况板块毛利率（%）净利率（%）应收账款周转率（次）2025H12026H1同比（pct）2025H12026H1同比（pct）2025H12026H1同比（pct）固废治理24.425.10.711.112.11.01.21.40.1水务及水治理32.832.90.013.413.70.30.60.60.0资料来源：Choice板块数据浏览器，东方财富证券研究所（注：均使用整体法，下同）（88家公2025271%138%124%53证券名称2025年度现金分红比例（%）所属SW三级行业复洁科技271.18证券名称2025年度现金分红比例（%）所属SW三级行业复洁科技271.18水务及水治理上海凯鑫138.18水务及水治理先河环保124.08环保设备Ⅲ丛麟科技123.37固废治理金科环境92.78水务及水治理南大环境88.75综合环境治理嘉戎技术88.65水务及水治理宇通重工86.01环保设备Ⅲ雪迪龙84.24环保设备Ⅲ联合水务83.52水务及水治理中电环保82.84水务及水治理德林海77.36水务及水治理绿茵生态75.60综合环境治理重庆水务75.37水务及水治理盈峰环境78.73环保设备Ⅲ绿色动力73.53固废治理军信股份70.19固废治理永兴股份65.89固废治理严牌股份67.31环保设备Ⅲ钱江水利64.89水务及水治理资料来源：Choice股票数据浏览器，东方财富证券研究所（注：未在上述图表及文本中列示业绩暂为负的公司分红情况）Choice，2026（）999.6026.33%，1.57pct89.4815.93%8.03%。板块营业收入（亿元）归母净利润（亿元）26Q2同比（%）环比（板块营业收入（亿元）归母净利润（亿元）26Q2同比（%）环比（%）26Q2同比（%）环比（%）固废治理468.0419.67%9.24%46.7222.66%-10.66%水务及水治理294.82-0.29%8.20%35.174.34%-2.57%资料来源：Choice板块数据浏览器，东方财富证券研究所板块毛利率（%）净利率（%）26Q2板块毛利率（%）净利率（%）26Q2同比（pct）环比（pct）26Q2同比（pct）环比（pct）固废治理23.65-0.01-3.0610.970.45-2.39水务及水治理33.280.130.8612.980.40-1.54资料来源：Choice板块数据浏览器，东方财富证券研究所Choice，2026896.519.5%99.027.4%。2026468.019.67%9.24%46.722.66%10.66%伟EC%0亿元）依然稳健；绿色动力实施提质降本增效系列举措助力归母净利润同比+23.16%；圣元环保受益开展垃圾焚烧供汽供热业务以及炉渣资源化实现归母净利润同比+71.18%。往后看，我们认为垃圾发电出海与布局算力或成为新的增长叙事，化债改善回款则从现金流端为后续持续分红提供支撑。证券名称2026H1营收（亿元）YOY（%）证券名称2026H1营收（亿元）YOY（%）2026H1归母净利润（亿元）YOY（%）2025H1应收账款周转率（次）2026H1应收账款周转率（次）飞马国际1.2615.77%0.17556.67%0.380.43飞南资源99.8152.54%6.49307.31%54.9862.45丛麟科技2.48-3.27%0.22294.48%2.362.39浙富控股134.4026.28%13.56139.45%12.9111.29高能环境103.1954.02%10.22103.37%3.043.98圣元环保7.916.18%1.9671.18%0.540.59山高环能7.352.62%0.6560.47%2.291.61朗坤科技10.4121.78%1.9230.67%1.791.67中兰环保2.42-16.94%0.0730.22%0.800.98瀚蓝环境77.3734.25%12.0624.76%1.000.87绿色动力18.7711.45%4.6523.16%0.640.67中科环保11.5436.05%2.2816.03%1.171.39劲旅环境10.0728.64%0.9115.25%0.710.70永兴股份22.539.10%5.2213.24%0.960.79华新科技4.8215.41%0.429.19%0.650.94旺能环境16.98-0.20%4.138.31%1.331.40节能环境28.78-2.66%5.877.80%0.600.55军信股份15.585.45%4.286.89%0.790.83中国天楹26.874.29%2.130.92%1.061.30三峰环境29.433.39%6.60-2.65%1.111.17城发环境32.701.67%5.71-3.12%0.750.60公用事业行业专题研究玉禾田38.483.69%3.07-4.24%0.850.76上海环境26.66-10.07%3.06-8.78%0.800.69伟明环保30.69-21.39%9.30-34.76%1.070.95侨银股份16.32-12.76%0.44-65.08%0.710.65大地海洋6.2350.20%0.31扭亏为盈0.730.90东江环保13.58-9.48%-2.68减亏1.431.78新安洁1.90-11.76%-0.15减亏0.460.46超越科技0.780.34%-0.37减亏0.420.55通源环境5.71-11.15%-0.06减亏0.490.47中再资环12.58-8.91%-0.31减亏0.280.38金圆股份68.6463.87%-2.36增亏28.3425.27百川畅银1.62-20.68%-0.55增亏0.330.29惠城环保4.97-11.93%-0.22盈转亏1.540.82资料来源：Choice股票数据浏览器，东方财富证券研究所证券名称2026Q2营收（亿元）YOY（%）证券名称2026Q2营收（亿元）YOY（%）2026Q2归母净利润（亿元）YOY（%）QoQ（%）2025Q2ROE2026Q2ROE丛麟科技1.341.45%0.121800.68%8.63%0.020.44浙富控股72.5727.21%7.53155.09%25.09%2.565.86山高环能3.1210.31%0.2173.65%-51.18%0.841.42圣元环保3.913.98%0.8465.05%-25.14%1.362.07飞马国际0.609.85%0.0664.09%-52.20%0.670.59飞南资源54.3555.29%2.4357.75%-40.00%3.364.59高能环境53.2757.05%4.1950.82%-30.47%2.974.05朗坤科技5.3921.71%0.9840.82%5.46%1.902.51绿色动力9.8214.71%2.5834.22%24.95%2.343.05劲旅环境5.3031.70%0.4821.10%14.15%2.122.39中科环保6.6752.85%1.4219.51%64.81%3.273.73旺能环境8.624.20%2.1217.25%5.50%2.602.60瀚蓝环境40.8029.03%6.2714.71%8.34%3.964.13永兴股份11.47-1.15%2.857.69%20.08%2.512.61节能环境14.45-5.83%2.671.36%-16.88%1.901.85中国天楹15.2511.27%1.03-3.00%-7.18%0.970.95军信股份8.1815.10%2.08-8.47%-5.31%2.982.75玉禾田18.822.91%1.42-10.40%-13.32%3.703.03三峰环境14.2210.07%2.30-14.33%-46.45%2.331.86上海环境13.98-13.85%1.49-16.55%-4.88%1.571.27城发环境16.44-2.15%2.56-18.85%-18.36%3.592.62伟明环保16.13-14.83%4.90-30.85%11.55%5.073.25华新科技2.68-3.05%0.09-65.44%-70.77%1.310.45侨银股份7.83-16.22%0.09-84.72%-74.92%2.280.34大地海洋3.9193.93%0.18-129.98%30.03%-7.042.17新安洁0.92-11.27%-0.08减亏增亏-2.07-1.40超越科技0.4760.76%-0.19减亏增亏-4.68-3.64中再资环7.7523.81%-0.05减亏减亏-11.12-0.17东江环保7.56-6.09%-1.18减亏减亏-3.89-5.45中兰环保1.40-13.87%-0.17增亏盈转亏-0.44-1.83百川畅银 0.81 -16.02% -0.34 增亏 增亏 -3.93金圆股份32.2832.00%-1.77增亏增亏-1.59-4.73惠城环保2.27-18.66%-0.25盈转亏盈转亏1.01-1.10通源环境3.11-16.68%-0.07续亏盈转亏-0.65-0.64Choice器，东方财富证券研究所水务：2026H1水务行业迎来政策与市场重要窗口2026202661（831号2026312026320264六张网77计投资约5万亿元。雨污分流改造、老旧管网更新成为投资核心增量，地下管网智能化升级、可视化立体化智慧管控成为重要发展方向。2026H1567.371.34.4%2026294.835.24.34%2.57%。证券名称2026H1营收（亿元）YOY（%）证券名称2026H1营收（亿元）YOY（%）2026H1归母净利润（亿元）YOY（%）2025H1应收账款周转率（次）2026H1应收账款周转率（次）清新环境37.07-9.30%0.46271.58%1.061.01中山公用21.732.45%14.68104.01%1.151.00绿城水务11.980.70%0.54102.14%0.420.33力源科技1.06-20.87%0.0449.90%1.111.02中持股份3.17-23.01%0.1545.65%0.310.29中电环保4.0227.51%0.6418.88%0.390.57海峡环保6.29-3.47%1.4416.17%0.820.62武汉控股18.84-9.22%1.0114.07%0.380.29节能国祯17.315.69%2.0211.82%0.470.43中环环保4.45-6.06%0.4910.42%0.450.34重庆水务 36.31 3.20% 4.95 8.07% 3.55 2.14顺控发展11.095.29%1.275.03%1.120.91兴蓉环境43.884.67%10.214.74%1.221.09创业环保22.493.28%4.883.28%0.570.56钱江水利11.155.92%1.082.26%1.961.70渤海股份9.3711.56%0.141.75%0.810.89联泰环保5.210.85%0.82-2.89%0.320.28中建环能7.015.49%0.07-3.63%0.360.40洪城环境34.01-7.77%5.81-4.48%1.331.03三达膜9.1127.05%1.84-5.88%0.650.75中原环保24.04-1.51%6.52-7.30%0.320.25首创环保83.59-4.25%8.39-9.67%0.560.47江南水务6.395.45%1.48-9.85%1.691.66鹏鹞环保7.743.27%1.62-12.59%0.460.42联合水务4.66-15.48%0.29-19.80%1.561.38京源环保2.278.11%0.02-24.93%0.290.31钱江生化7.33-5.95%0.78-27.40%0.810.85祥龙电业0.401.31%0.09-35.21%2.452.22国泰环保2.8268.98%0.43-35.60%1.091.93嘉戎技术2.3611.00%0.18-38.00%0.350.39武汉天源8.824.68%0.77-40.95%1.271.18科净源1.532.19%0.08-41.14%0.310.37海天股份28.87189.14%0.34-44.90%0.881.75金科环境2.09-24.51%0.13-57.39%0.640.44*ST凯鑫1.07-16.18%0.10-67.50%1.181.12金达莱1.37-18.77%0.06-90.38%0.210.22国中水务1.4790.85%0.03-115.85%0.310.44碧水源27.95-4.56%0.30扭亏为盈0.240.23博世科9.88-21.07%-0.36减亏1.020.91*ST太和0.24-28.77%-0.43减亏0.070.12清水源4.9318.37%-0.02减亏0.951.09深水海纳1.51-8.94%-0.57增亏0.290.25舜禹股份2.34-28.35%-0.32增亏0.550.42兴源环境4.11-12.88%-1.04增亏0.430.38德林海1.6854.95%-0.06增亏0.250.27上海洗霸2.343.98%-0.07盈转亏0.700.70中晟高科0.9852.46%-0.11盈转亏0.170.36倍杰特4.13-6.99%-0.19盈转亏0.650.55复洁环保1.34-4.03%-0.05盈转亏0.870.99华骐环保2.0016.36%-0.05盈转亏0.550.53津膜科技 1.74 61.85% -0.08 盈转亏 0.52 0.78资料来源：Choice股票数据浏览器，东方财富证券研究所证券名称2026Q2营收（亿元）Y